the issue is, there does need to be fiscal retraction in the west wing of the state and federal government debt, -- in 25 year'' time, we estimate a change. it will be something like 200 or three under% of gdp, which will be totally unsustainable for any government. the problem is, what the politicians not able to agree on this issue, it is going to be very difficult to agree on the serious long-term issue. >> what does it mean for the global economy? >> u.s. economy is important to the global economy. we don't think there'll be a u.s. recession next year, some within the global economy will accelerate to a bit over 3% growth, mainly because of countries like brazil, russia, india, china doing a little better, accelerating. at the same time as europe is in recession.